With car insurance, there are many ways to save money: good driver discounts, no claims bonuses, and joint policies. Good driver discounts and no claims bonuses are helpful if you are the only driver on your policy, but if you have multiple drivers and multiple cars, you can save even more by having all drivers affiliated with the same provider (this is sometimes called a “multi vehicle policy” – although they are not the exact same thing). If you’re newly married, just cohabiting, or you have a teenager who is ready to start driving, joint coverage can save you money while keeping everyone safe on the road.
How will you save money with a joint policy?
The way joint auto insurance saves you money is through a discount system for each extra car or driver you put on your insurance. This means that the more cars and drivers you have on your policy, the more you save. Even if you only have one car but multiple drivers, you need a joint policy so every driver is covered in the event of an accident. Some insurance companies will allow you to transfer any bonuses or discounts you already have on your insurance to the joint policy.
What do joint car insurance policies cover?
Like any other car insurance policy, multi-car insurance covers all the same things individual insurance does, only for each driver and each vehicle. Depending on the level of coverage you buy, you can get a joint policy that covers medical bills, fire, or full coverage. As with an individual policy, it pays to shop around and compare quotes from many different companies to find the best rates.
Should married couples get joint car insurance?
Most auto insurance companies allow married couples to be on the same insurance policy. To keep your rates low, make sure the main policy holder has the best driving record. Ask your insurance agent to give you quotes on separate policies and a joint policy to see how much money you can save.
Can cohabiting couples be on the same policy?
Even if you are not married but are living together, some insurance companies will allow you to get a joint cover. First, check with your insurance agent. If your current car insurance company does not allow cohabiting couples to have a joint policy, shop around. There are many companies that give discounts for multiple drivers, and comparison shopping can get you a cheaper policy. As with married couples, the person with the best driving record should be the main policy holder.
Should teenagers be covered in a multi-car insurance policy?
While teenage drivers usually are associated with having high insurance rates, adding them to a joint policy will save money in the long run. Because they are new to driving, teenage drivers are more likely to get into accidents, so their insurance rates can be higher. However, if you add teenage drivers to an adult driver’s policy, the insurance will start off cheaper. Also, the adult driver’s discounts may apply to the teenage driver as well. Even if you only have one car, it is safer to add your teenager and get joint car insurance coverage.